Binary Silver is still testing a Multi-year low. Binary traders are not convinced in the upside potential of the binary commodity. However, there is some bargain hunting activity. The upside pressure is increasing. The binary call option volume is picking up. The moment for a breakout is under way.
Binary options on silver are pushing higher currently. It is positively influenced by the retreating greenback. The last 2 daily candles are typical reversal ones. The start of the day was in negative territory. However, the binary asset is cheap and found enough strength and binary call option buyers to bounce off the intraday lows. It is worth to mention that the daily candles are forming higher lows and higher highs. It seems as though the upside direction is wide open for now.
Important signal will be a breakout of the significant EMA5 and EMA9. Should the binary instrument break above the aforementioned moving averages, all upside hurdles are cleared and the binary call option volume will explode. Potential intraday upside targets are $27.50, followed by $27.90.
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.